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first-time buyers
Whether you have spent years saving and preparing to buy a home, or you still aren't sure if it is something you can even dream of, the questions surrounding a first-time home purchase can feel endless. You can find the answers and peace of mind by working with RE/MAX, the industry leader in experience and service.
Here
are some tips to help you with the process of becoming your own landlord.
- Prequalify for a loan. Being prequalified for a loan
determines how much house you can afford. It also allows you to move more
swiftly when you find the right house, especially when you aren't the
only interested buyer.
- Shop for mortgage rates and terms. A difference of
even half a percentage point can make a huge difference in how much you
pay over the life of a loan. For example, the difference in the monthly
payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about $35
per month. Over 30 years, that's $12,600.
- Using a buyer agent. A buyer agent is legally responsible
for representing the buyer's interest in a real estate transaction. Generally,
the buyer agent is compensated by the seller at the time you purchase a new home. There are some limitations to using a buyer agent,
however. Before you decide, have a Realtor explain the advantages and
disadvantages of using a buyer agent.
- Features that help or hurt resale value. In some areas,
a swimming pool actually detracts from a home's value and makes the home
harder to sell. In neighborhoods with two-car, attached garages, a single-car
or detached garage may impact the home sale and future value. Your Realtor
can point out features that hurt, as well as those that help, resale value.
- Rate the houses you tour. After touring each home,
write down what you liked and didn't like. Develop a rating system which
will help you narrow the field down to the house that's the best for you.
